Title: AN ACT TO AMEND CHAPTER 435, LOCAL AND PRIVATE LAWS OF 1944, AS LAST AMENDED BY CHAPTER 1019, LOCAL AND PRIVATE LAWS OF 1999, TO AUTHORIZE THE GOVERNING AUTHORITIES OF THE CITY OF BILOXI TO PROVIDE FOR ANNUAL COST-OF-LIVING INCREASES FOR CURRENT AND FUTURE RETIRED MEMBERS OF THE GENERAL MUNICIPAL EMPLOYEES' RETIREMENT SYSTEM OF THE CITY OF BILOXI, AND BENEFICIARIES THEREOF, IN AN AMOUNT EQUAL TO THREE PERCENT OF THE ANNUAL RETIREMENT ALLOWANCE; TO PROVIDE THAT MEMBERS OF THE GENERAL MUNICIPAL EMPLOYEES' RETIREMENT SYSTEM WHO RETIRED BEFORE JULY 1, 2000, WILL ALSO RECEIVE A THREE PERCENT COST-OF-LIVING INCREASE FOR THE 2000-2001 FISCAL YEAR; TO PROVIDE THAT THE COST-OF-LIVING INCREASES SHALL BE PAID IN ONE ADDITIONAL ANNUAL PAYMENT OR IN TWELVE EQUAL MONTHLY INSTALLMENTS, AS ELECTED BY THE RETIREE; TO PROVIDE THAT THE MAXIMUM CUMULATIVE PERCENTAGE OF ALL ANNUAL COST-OF-LIVING INCREASES RECEIVED UNDER THIS ACT SHALL NOT EXCEED THIRTY PERCENT OF THE ANNUAL RETIREMENT ALLOWANCE, UNLESS THE GOVERNING AUTHORITIES AUTHORIZE THE PAYMENT OF ADDITIONAL ANNUAL COST-OF-LIVING INCREASES ABOVE THIRTY PERCENT AND CERTAIN CONDITIONS ARE MET; TO PROVIDE THAT THE COST-OF-LIVING INCREASES AUTHORIZED UNDER THIS ACT SHALL BE SUSPENDED IF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM AT ANY TIME DETERMINES THAT CONTINUING THE PAYMENT OF THE COST-OF-LIVING INCREASES WOULD MAKE THE GENERAL MUNICIPAL EMPLOYEES' RETIREMENT SYSTEM ACTUARIALLY UNSOUND; TO PROVIDE THAT THE COST-OF-LIVING INCREASES AUTHORIZED UNDER THIS ACT SHALL NOT BE IMPLEMENTED UNLESS THE GENERAL MUNICIPAL EMPLOYEES' RETIREMENT SYSTEM CURRENTLY IS ACTUARIALLY SOUND AND WILL REMAIN ACTUARIALLY SOUND IF THE COST-OF-LIVING INCREASES ARE MADE; TO PROVIDE THAT IF THE COST-OF-LIVING INCREASES AUTHORIZED UNDER THIS ACT WOULD MAKE THE GENERAL MUNICIPAL EMPLOYEES' RETIREMENT SYSTEM ACTUARIALLY UNSOUND, THE GOVERNING AUTHORITIES ARE AUTHORIZED TO PROVIDE FOR A REDUCED VERSION OF THE COST-OF-LIVING INCREASES THAT WOULD LEAVE THE RETIREMENT SYSTEM ACTUARIALLY SOUND; TO AUTHORIZE THE GOVERNING AUTHORITIES TO USE ANY AVAILABLE FUNDS TO SUPPLEMENT THE GENERAL MUNICIPAL EMPLOYEES' RETIREMENT SYSTEM TO MAKE IT ACTUARIALLY SOUND; AND FOR RELATED PURPOSES.

Information pertaining to this measure was last updated on 03/30/01 at 12:41.